Politics · Philippines Bureau
Duterte camp argues non-declaration of dividends not illegal under law
Vice President Sara Duterte's legal team contended Tuesday that corporations are not obligated to declare dividends under Philippine law. The assertion came during cross-examination of a Securities and Exchange Commission official in proceedings against the Vice President.
LSN Philippines ·
MANILA – Defense counsel for Vice President Sara Duterte argued that a corporation's decision not to declare dividends does not violate the Revised Corporation Code of the Philippines, potentially undermining a key element of charges against her.
Attorney Justin Nicol Gular made the assertion during cross-examination of a Securities and Exchange Commission witness on Tuesday, emphasizing that Philippine corporate law does not prohibit or criminalize the non-declaration of dividends by companies.
The legal argument appears central to Duterte's defense strategy in ongoing proceedings. The SEC official was questioned regarding company registration matters relevant to the case under investigation.
The case against the Vice President has drawn significant attention in Philippine legal circles, with her camp mounting an aggressive defense challenging the prosecution's interpretation of corporate law provisions.
Further developments in the case are expected as proceedings continue before the appropriate authorities.